Mutual Fund Units for Series U of IG BlackRock International Equity Fund

Mutual Fund Units for Series U of

IG BlackRock International Equity Fund

Simplified Prospectus January 6, 2020

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Simplified Prospectus Offering Mutual Fund Unitsi For Series U of IG BlackRock International Equity Fund January 6, 2020

(i) Series U Units are offered for purchase on a No-Load basis. Switches into Series U from the DSC purchase option in other IG Wealth Management Funds are allowed, but the redemption fee schedule will continue to apply to these investments.

No securities regulatory authority has expressed an opinion about this mutual fund Unit and it is an offence to claim otherwise. Neither the mutual fund securities described in this document, nor this Fund, are registered with the U.S. Securities and Exchange Commission. The securities are being offered only in Canada unless otherwise permitted. Additional Series may become available after the date without notice. This Fund is also authorized to issue Non-retail Series which are not offered under this document.

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Table of Contents

General information about the Fund. . . . . . . . . . . . . . . . . . 3 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

What is a mutual fund and what are the risks of investing in a mutual fund? . . . . . . . . . . . . . 3

What is a mutual fund?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 What are the risks of investing in a mutual fund? . . . . . . . . 3

Organization and management of the Fund. . . . . . . . . . . 9 Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Manager, Registrar and Promoter. . . . . . . . . . . . . . . . . . . . . . . 9 Portfolio Advisor(s). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Principal Distributors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Custodian. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Securities Lending Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Auditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Investors Group Funds

Independent Review Committee. . . . . . . . . . . . . . . . . . . . . . 9

Purchases, switches and redemptions. . . . . . . . . . . . . . . . 10 Buying Units of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Purchase options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Series U Units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Minimum initial investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Selling Units of the Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Switching between IG Wealth Management Funds. . . . . . . 12 Switches to and from Investors Real Property Fund. . . . . . 13 Switches to and from Series C (or Tc). . . . . . . . . . . . . . . . . . . 13 Short-term trading. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Optional services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Registered Plans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Automatic regular investments

by Pre-Authorized Contributions (PACs) . . . . . . . . . . . . . . . 14 Automatic regular redemptions. . . . . . . . . . . . . . . . . . . . . . . . 14 Automatic switching . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Automatic reinvestment of Distributions. . . . . . . . . . . . . . . . 16 IG Wealth Management Charitable Giving Program . . . . . . 16

Fees and expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Fees and expenses paid by the Fund. . . . . . . . . . . . . . . . . . . . 17 Fees and expenses paid by you. . . . . . . . . . . . . . . . . . . . . . . . . 18 Impact of sales charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Dealer compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Payments to your Consultant. . . . . . . . . . . . . . . . . . . . . . . . . . 20 Other incentives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Dealer compensation from management fees. . . . . . . . . 20

Income tax considerations for investors. . . . . . . . . . . . . . 20 If you have a Registered Plan . . . . . . . . . . . . . . . . . . . . . . . . . . 20 If you have an investment outside a Registered Plan. . . . . 20 Deductibility of Series U Advisory Fees. . . . . . . . . . . . . . . . . . 21

What are your legal rights?. . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Specific information about the Fund. . . . . . . . . . . . . . . . . . 22

IG BlackRock International Equity Fund . . . . . . . . . . . . . . 28

Additional information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

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General information about the Fund

Introduction

This Simplified Prospectus1 contains selected important information to help you make an informed investment decision and to assist you to understand your rights as an investor. It contains information about investing in the Fund listed on the cover of this Simplified Prospectus and the risks of investing in mutual funds generally, as well as the names of the firms responsible for the management of the Fund. It is divided into two parts:

? The first part contains general information that applies to the Fund;

? The second part contains specific information about the Fund.

Additional information about the Fund is available in the following documents:

? the Annual Information Form; ? the most recently filed Fund Facts;

and when they become available:

? the most recently filed annual financial statements; ? any interim financial statements of the Fund filed after the

annual financial statements were filed; ? the most recently filed annual management report of fund

performance; and ? any interim management report of fund performance filed

after that annual management report of fund performance.

These documents are incorporated by reference into this Simplified Prospectus, which means that they are legally part of this document, just as if they were printed as part of it. You can get a copy of these documents, at your request, at no cost by:

? writing to us at 447 Portage Avenue, Winnipeg, Manitoba, R3B 3H5;

? calling us toll-free 1-888-746-6344 or, in Quebec, toll-free 1-800-661-4578;

? asking your IG Consultant; or ? contacting us at contact-e@ (for

service in English) or contact-f@ (for service in French).

These documents and other information about the Fund are also available:

? on our website at ; or

? at .

The Fund is available for purchase only through Investors Group Financial Services Inc. and Investors Group Securities Inc. (the "Principal Distributors"). You generally cannot purchase the Fund through any other dealers.

The Fund offers at least one class of Units for retail distribution (called "Series"). Additional new Series may also be issued at any time in the future without prior notice. The Fund may also offer one or more Non-retail Series of Units that are open for investment by qualified investors, including other IG Wealth Management Funds. These Non-retail Series may have lower fees and expenses and are intended to avoid the duplication of fees and expenses payable by these qualified investors, and are not available for purchase by retail investors and are not being offered under this document. Also, the Fund may offer different purchase options within each Series of Units.

What is a mutual fund and what are the risks of investing in a mutual fund?

What is a mutual fund? A mutual fund is a convenient way for persons with similar investment goals to combine their money. The mutual fund uses this money to buy different types of investments on behalf of all of the investors. When it buys investments, it follows its investment objective and investment strategies. The investors share in any profits the mutual fund makes or losses it suffers. Information about the investment objectives and strategies of the Fund may be found under Specific information about the Fund later in this Simplified Prospectus.

What are the risks of investing in a mutual fund? There are many potential advantages of investing in mutual funds, but there are also several risks you should know about.

Investing in mutual funds is not like putting your money in a savings account. Unlike a savings account or a Guaranteed Investment Certificate (GIC), the Canada Deposit Insurance Corporation or any other government deposit insurer does not insure the units of mutual funds.

The value of a mutual fund changes each day as the value of its investments change. As a result, when you sell your units of a mutual fund, you may receive less than the amount you invested when you bought the units. Your investment is not guaranteed.

1 In this Simplified Prospectus, you and your mean the person who invests in an IG Wealth Management Fund. We, us, our and IG Wealth Management mean any one of Investors Group Inc. and its subsidiaries, including the Manager, Portfolio Advisors, Trustee or Principal Distributors, as appropriate. References to "IG Consultant" or "Consultant" mean "IG Representative" in Qu?bec.

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One measure of the risk associated with an investment in mutual funds is the difference in returns from year to year (often referred to as "volatility").

When reviewing the volatility of a mutual fund, however, it is important to keep in mind that the level of volatility associated with a mutual fund may moderate the overall volatility risk associated with your whole investment portfolio, to the extent that the volatility of a particular mutual fund could offset the volatility of other investments in your portfolio. Consequently, a mutual fund with a higher volatility may still be suitable for an investor with a lower tolerance for volatility in the context of their overall investment portfolio. In the specific information section of this Simplified Prospectus we indicate the investment risk level that applies to the Fund based on its past performance and/or its anticipated volatility using a comparable reference index or another mutual fund with similar objectives, strategies and risk characteristics.

The Fund may invest from time to time in other IG Wealth Management Funds (called "Underlying Funds"). The Underlying Funds invest in investments (like shares and bonds) issued by companies and governments or, for investments in Investors Real Property Fund, real estate (as applicable). These investments fluctuate in value, which affects the value of each Underlying Fund and, in turn, the value of a Fund if it invests in that Underlying Fund. Accordingly, the common investment risks discussed here apply to the Underlying Funds in which a Fund invests and, in turn, can also affect the value of that Fund.

l CONCENTRATION RISK

A mutual fund that has held a large portion of its net assets in any single issuer may be less diversified and may experience larger fluctuations in value that result from the price volatility of that issuer. In addition, a mutual fund may not be able to sell its full investment in that issuer at current prices if there is a shortage of buyers willing to purchase those securities. Consequently, it could be more difficult for the mutual fund to obtain a reasonable price for that issuer's securities. This risk may not necessarily apply where a mutual fund invests in overnight deposit receipts or notes which are sometimes held by a mutual fund as a means to enhance the yield on its cash.

l CREDIT RISK

This risk is associated with the possibility that the issuer of fixed income securities (including a special purpose vehicle) may not make interest payments as required by the terms of their securities or even pay back the mutual fund's original investment. There is also the risk that the value of debt securities (especially lower-rated debt securities) may fall if the market determines that a higher return is necessary

to compensate for the increased risk of owning those securities. A downgrade in an issuer's credit rating or other adverse news about the issuer can also reduce the value of its fixed income securities. In addition, the value of certain investments (including asset-backed and mortgage-backed securities) may be influenced by the market's perception of the creditworthiness of these securities, the parties involved in structuring the investment, or in the underlying assets themselves. Credit risk may also apply to some Derivatives. Please see Derivatives risk below.

l CYBER SECURITY RISK

Due to the widespread use of technology in the course of business, mutual funds have become potentially more susceptible to operational risks through breaches in cyber security. Cyber security is the risk of harm, loss, and liability resulting from a failure, disruption or breach of an organization's information technology systems. It refers to both intentional and unintentional events that may cause a mutual fund to lose proprietary information, suffer data corruption, or lose operational capacity, which could cause us and/or a mutual fund to experience disruptions to business operations; reputational damage; difficulties with a mutual fund's ability to calculate its net asset value; or incur regulatory penalties, additional compliance costs associated with corrective measures, and/or financial loss. Cyber attacks may involve unauthorized access to a mutual fund's digital information systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, or corrupting data, equipment or systems. Other cyber attacks do not require unauthorized access, such as denial of service attacks (i.e., efforts to make network services unavailable to intended users). In addition, cyber attacks on a mutual fund's thirdparty service providers (e.g., administrators, transfer agents, custodians and sub-advisors) or issuers that a mutual fund invests in can also subject a mutual fund to many of the same risks associated with direct cyber attacks. We cannot control the cyber security plans and systems of the funds' third-party service providers, the issuers of securities in which the IG Wealth Management Funds invest or others whose operations may affect the Funds or their securityholders. We have established risk management systems designed to reduce the risks associated with cyber security and maintain cyber insurance coverage. However, there is no guarantee that such efforts will be successful, and as a result, the IG Wealth Management Funds and their securityholders could be negatively affected.

l DERIVATIVES RISK

Generally, all IG Wealth Management Funds (except the Money Market Funds) may use Derivatives, but only in

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